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Health Intelligent Virtual Assistant Market Size 2025 | Industry Report

Health Intelligent Virtual Assistant Market Analysis Report By Technology, By Product, By End User And Segment Forecasts From 2018 To 2025

Report ID: MN17619766  |  Published: May 2020  |  No of Pages: 180
Format: Electronic (PDF)  |  Industry: Healthcare IT  |  Publisher: Grand View Research

Industry Insights

The global health intelligent virtual assistant market size was accounted for USD 186.3 million, in 2017. It is projected to ascend with a CAGR of 39.1% from 2018 to 2025. Factors such as increasing use of medical virtual assistance (MVAs), enhanced features provided by health intelligent virtual assistant, changing lifestyle, and growing health consciousness are projected to fuel the market growth over the estimated period. Increasing preference for AI and ML in healthcare applications and growing focus on patient engagement are further expected to drive the market growth from 2018 to 2025.

Several manufacturers are altering their customer experience strategies and incorporating patient engagement services to escalate their revenue and enhance overall patient satisfaction. This is anticipated to accelerate market growth over the forecast duration.

U.S. health intelligent virtual assistant market

Healthcare organizations are emphasizing on enhancing services offered to patients such as customized services and medication reminders, by using various virtual assistants. AI in virtual assistance aids in lowering the patients affected by the ferocity of diseases such as Swine Flu, SARS, and Ebola.

This medical support can also recommend preventive measures for other common infections such as tuberculosis, malaria, influenza, and HIV. Thus, with technological innovation, particularly Automatic Speech Recognition (ASR), these products are widely preferred in the healthcare segment. Service and product innovation are gaining traction owing to digitalization. Growing proof of studies conducted for various areas of the healthcare industry and penetration of virtual assistance are anticipated to augment the ASR demand in the upcoming years.

For example, in 2017, a proof of concept study, researchers at Google introduced ASR practices for simultaneous medical chats at once. The researchers established that the models can streamline practitioners and turn into a mechanism for keeping a record of the patient-doctor conversation. Further, the market players are facing various challenges due to the high competition and development of new technology.

Increasing penetration of virtual assistants in the healthcare segment is promoting the players to spend in the incorporation of enhancing solutions that result in the growth of the market. For example, Nuance Communication, Inc. in 2017, introduced an AI support Dragon Medical Virtual Assistance to develop various kind of clinical workflows. The latest solution helps in enhancing patient experience by improving interactions between patients and clinicians.

Product Insights

The chatbots category led the market in 2017. Chatbots are widely preferred in the healthcare segment as they help patients, physicians, and nurses in several activities. Izzy, Buoy Health, Florence, Safe drugbot, Sensely, and Babylon Health are few of the extensively used bots in several hospitals worldwide.

Smart speakers are expected to grow rapidly from 2018 to 2025. They use automatic voice recognition technology that is extensively preferred in medical counseling or in various therapies who are diagnosed for depression and loneliness. These speakers recognize voice automatically and perform the required action accordingly.

Technology Insights

Automatic Speech Recognition (ASR) is anticipated to ascend with a healthy CAGR from 2018 to 2025. It is used in the identification of alphabets or words and to verify a person’s identity. Increasing penetration of chatbots and smart speakers for medical therapy by several therapists for effective patient involvement is promoting the segment growth in the upcoming years. The text to speech division occupied the major share in the health intelligent virtual assistants market in 2017.

It permits the computer to accept human voice and convert it into a written format for easy understanding of content. Technological advancements in automation, linguistic programming, machine learning, IoT, conversation interface, and AI has increased the demand for virtual assistants. The use of these technologies by key players, such as Google, Amazon, and Apple has made them widely preferred tool. Products sold by these manufacturers work as intermediaries between enterprises and their services to customers.

End-user Insights

Payers provide services and improve interoperability by protecting patients and keeping their records. They execute several functions such as wellness assessment, plan selection, enrollment guidance, and billings. The payers division is predicted to ascend with a steady CAGR from 2018 to 2025.

Global health intelligent virtual assistant market

The providers’ division occupied the largest market share in 2017. They assist in several services such as assisting appointment reminders, medical diagnosis with physicians, confirming and scheduling appointments, and follow up of patients. These services offered by providers are expected to augment the segment growth in the coming years.

Regional Insights

North America occupied the largest market share in 2017due to extensive preference for IoT and increasing smartphone users. Less number of physicians/clinicians and the need for an effective healthcare facility owing to the increasing population in nations such as the U.S. is predicted to bode well for the market growth in the upcoming years.

Emerging economies such as India and China are taking several measures to incorporate MVAs in the healthcare industry. Growing population and shortage of skilled therapists and physicians are boosting the support for virtual assistance in the industry. Such factors are anticipated to proliferate the growth in the APAC region over the estimated years.

Health Intelligent Virtual Assistant Market Share Insights

The key players of the market are Microsoft Corporation; EGain Corporation; Welltok, Inc.; Kognito; True Image Interactive, Inc.; Nuance Communications, Inc.; CSS Corporation; Next IT Corporation; CodeBaby Corporation; and MedRespond. Introduction of AI-supported IVAs for expert conversations are preferred as they offer enhanced services and other business supports to the healthcare industry.

Leading players are introducing products that use equipment or an app to work as AI assistance. These virtual agents offer humanistic conversation to customers and they support pharmacies, hospitals, and other such industries in managing more customers while offering improved services. Mergers & acquisitions and other strategies are undertaken by key players to maintain their dominance over the forecast duration. For example, in 2018, Nuance Communications, Inc. and Epic Systems Corporation collaborated on voice assistance technology.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2015 - 2016

Forecast period

2018 - 2025

Market representation

Revenue in USD Million & CAGR from 2018 - 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, and MEA

Country Scope    

U.S., Canada, U.K., Germany, China, India, Japan, Brazil, and Mexico

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analysts working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global health intelligent virtual assistant market report on the basis of product, technology, end user, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Chatbots
    • Smart Speakers

• Technology Outlook (Revenue, USD Million, 2015 - 2025)
    • Automatic Speech Recognition (ASR)
    • Text to Speech
    • Text based

• End-user Outlook (Revenue, USD Million, 2015 - 2025)
    • Payers
    • Providers
    • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa

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